The partnership sees Coinbase partner with WeGift, a London-based FinTech startup. WeGift allows users to withdraw cryptocurrency via gift cards which can be spent at most major retailers, including; Nike, Tesco, Google Play, Amazon & Uber.
In total there will be over 120 retailers and it looks as though WeGift will continue to increase their growing list of partnerships.
WeGift announced they will be partnering with Coinbase via their website, stating that they will offer zero swap fees including a bonus of 5% in value on top of the gift card. All you need to do is connect your Coinbase account, select how much you want to spend and the gift card or retailer you would like.
Coinbase is partnering WeGift, a London-based FinTech startup for the new service which allows its users to fundamentally withdraw their cryptocurrency into gift cards that can be used at over 120 retailers including Uber, Amazon and Tesco, among others.
“With the launch of e-gift cards, customers have a new option to spend their crypto balances, realizing its value to buy tangible things or experiences,”
“From converting bitcoin into Uber credits or ether into a Nike shopping spree, customers will have greater flexibility and control over how they use their crypto.”
Coinbase Enable Cryptocurrency Gift Cards
The new way of spending bitcoin and other cryptocurrencies is just another step towards mass adoption of cryptocurrencies. Users are now able to spend cryptocurrencies almost as if it were real cash. Crypto can be gifted to friends and family in the form of gift cards.
This will only be available to customers in Australia, the United Kingdom, Spain, France, Italy and the Netherlands. And Coinbase expect this feature will be rolled out within the next 3 months.
The new service follows the operator’s marked expansion into Europe this year after the San Francisco-based crypto giant received an e-money license by the Financial Conduct Authority (FCA), the UK’s financial regulator, granting it the means to provide e-money services as a cash alternative for 23 EU nations and the UK.
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